Bank of America Corp. is negotiating with the Consumer Financial Protection Bureau to settle allegations it deceived customers in the sales of credit card add-on products, Bloomberg News reported yesterday. A deal isn’t imminent as the agency and Charlotte, N.C.-based Bank of America wrangle over the terms of the settlement. One sticking point is the restitution the bank would pay to customers who were charged for the products, which include credit monitoring and debt cancellation products. A final agreement with Bank of America could begin winding down an industrywide investigation that the consumer bureau started with its first enforcement action, against Capital One Financial Corp. in July 2012. Capital One paid $210 million in penalties and restitution, and accepted restrictions on how it markets the products. Including Bank of America, the CFPB’s investigation has reached all of the top six credit-card issuers, which account for 68 percent of the market by loans outstanding, according to data compiled by Bloomberg.
